State Street Corp Buys 52,699 Shares of Alkami Technology, Inc. (NASDAQ:ALKT)

State Street Corp increased its position in shares of Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 5.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,088,408 shares of the company's stock after purchasing an additional 52,699 shares during the period. State Street Corp owned about 1.08% of Alkami Technology worth $34,328,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Massachusetts Financial Services Co. MA increased its holdings in Alkami Technology by 13.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,570,179 shares of the company's stock valued at $44,719,000 after buying an additional 181,194 shares during the period. FMR LLC increased its stake in Alkami Technology by 10.2% in the third quarter. FMR LLC now owns 1,523,747 shares of the company's stock valued at $48,059,000 after acquiring an additional 141,319 shares during the period. Driehaus Capital Management LLC raised its position in Alkami Technology by 56.2% in the second quarter. Driehaus Capital Management LLC now owns 1,091,276 shares of the company's stock worth $31,080,000 after purchasing an additional 392,483 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Alkami Technology by 12.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,053,567 shares of the company's stock worth $30,002,000 after purchasing an additional 120,468 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Alkami Technology by 29.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 534,375 shares of the company's stock valued at $16,854,000 after purchasing an additional 120,845 shares in the last quarter. 54.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Alkami Technology

In related news, Director Atlantic Genpar (Bermu General sold 375,000 shares of the firm's stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $37.50, for a total value of $14,062,500.00. Following the transaction, the director now owns 12,680,049 shares in the company, valued at $475,501,837.50. This trade represents a 2.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Atlantic L.P. General sold 2,500,000 shares of Alkami Technology stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $37.50, for a total value of $93,750,000.00. Following the completion of the sale, the director now owns 13,055,049 shares of the company's stock, valued at approximately $489,564,337.50. The trade was a 16.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,472,426 shares of company stock valued at $249,990,820 over the last quarter. Corporate insiders own 25.90% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ALKT shares. JMP Securities increased their target price on Alkami Technology from $38.00 to $41.00 and gave the stock a "market outperform" rating in a report on Tuesday, October 29th. Needham & Company LLC lifted their price objective on Alkami Technology from $43.00 to $54.00 and gave the company a "buy" rating in a report on Thursday, October 31st. Craig Hallum upped their target price on shares of Alkami Technology from $38.00 to $45.00 and gave the stock a "buy" rating in a report on Thursday, October 31st. Barclays lifted their price target on shares of Alkami Technology from $35.00 to $41.00 and gave the company an "equal weight" rating in a report on Thursday, October 31st. Finally, JPMorgan Chase & Co. boosted their price target on shares of Alkami Technology from $42.00 to $45.00 and gave the company an "overweight" rating in a research report on Monday, December 9th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.88.

Alkami Technology Price Performance

Shares of NASDAQ ALKT traded up $0.45 during trading on Friday, reaching $39.12. The company had a trading volume of 1,432,549 shares, compared to its average volume of 547,711. Alkami Technology, Inc. has a 52 week low of $22.62 and a 52 week high of $42.29. The business's 50 day moving average price is $38.12 and its 200-day moving average price is $33.23. The stock has a market cap of $3.93 billion, a PE ratio of -83.23 and a beta of 0.46. The company has a debt-to-equity ratio of 0.05, a quick ratio of 3.52 and a current ratio of 3.52.

About Alkami Technology

Alkami Technology, Inc offers cloud-based digital banking solutions in the United States. The company's Alkami Platform allows financial institutions to onboard and engage new users, accelerate revenues, and enhance operational efficiency, with the support of a proprietary, cloud-based, and multi-tenant architecture.